The much delayed insolvency framework was passed by parliament on April 18, 2015 and the laws were published in the OfficialGazette on May 7.

The debt relief order scheme, which is part of the personal insolvency law, will enter into force a little later – three months after May 7, 2015.

The newly established Insolvency Service is part of the Department of Registrar of Companies and Official Receiver, which comes under the Ministry of Energy, Trade, Industry and Tourism. The regulations that constitute the insolvency framework have been posted on the Department’s website.

The laws concern personal insolvency, bankruptcy, liquidation, examinership, the insolvency practitioners and the appointment of insolvency practitioners.

Source: Cyprus Mail